SNC-Lavalin takeover approved WS Atkins shareholders

WS Atkins shareholders have approved the company’s £2.1bn takeover by Canadian group SNC-Lavalin.

It was announced in April that the two were in talks over a deal worth £20.80 per share. The offer, which is representative of a 35 per cent premium to Atkins’ undisturbed stock price was commended by the board of the FTSE 250 group.

97.4 per cent of the total votes cast by Atkins shareholders were in favour of the proposal. This will represent a step towards consolidation in the global engineering consultancy sector. That cleared a 75 per cent threshold set by the two parties. Turnout was just under 53 per cent.

Atkins works with private and public sector clients, with high-profile projects including the redesign of of the Dubai Opera. SNC-Lavalin is a provider of engineering and construction services across a number of industries, including infrastructure, oil and gas, mining and energy.

Shares in Atkins are expected to be suspended from trading at 6pm on 30 June.

SNC-Lavalin says it expects to realise C$120m of annual cost savings by the end of next year following the combination.